Amazon is laying off more than 18,000 workers. Salesforce is shedding 8,000, and Twitter has let go thousands more.

While we should never minimize the difficulties of people facing an unexpected layoff, these announcements by major tech companies are not a large-scale tragedy for the American economy. What would be very bad news is if we saw a marked slowing of the economy, leading to far more layoffs by large and small businesses in a wide variety of sectors.

Spotify announced Monday it’s cutting 6% of its global workforce as the music streaming company contends with a gloomy economic environment that has seen consumers and advertisers alike limit their spending.

Spotify has a total workforce of around 9,800 people, which means the cuts impact about 600 employees. According to its LinkedIn profile, the company employs 5,400 people in the U.S. and 1,900 in Sweden.

Shares of Spotify climbed more than 3% Monday on news of the cost-cutting measures.

The tech industry is laying off workers at an alarming pace as it braces for a potential recession, raising fears that widespread job losses could spill into the broader U.S. economy.

Despite still-solid job growth and high wages in many industries, Big Tech is battening down the hatches amid a darkening economic outlook for the industry.